Jiko plans Treasury-bill access through BlackRock’s Cachematrix portal

Jiko and BlackRock Cachematrix announced on 28 October a connection intended to let portal users own US Treasury bills through Jiko. The companies say users will gain access but did not specify when the portal connection will become available.[1]

Jiko says the service will select bills, reinvest maturities and support liquidity without requiring treasury teams to manage each trade.[1]

Ownership records and custody

Under Jiko Securities’ commercial agreement, revised 31 July 2026, client holdings are identified in Jiko’s records, while the custodian holds securities in an omnibus account in Jiko’s name. Direct ownership of Treasury bills can therefore coexist with pooled custody: the client’s recorded holding and the custodian’s account structure describe different layers.[2]

Jiko also trades with clients as principal and may earn a spread between its purchase and sale prices. Its terms allow cash that is insufficient for another bill purchase to remain uninvested without interest. A client’s return therefore depends on transaction pricing as well as the bills’ yield.[2]

Payment access has different clocks

The agreement provides for bills to be sold when cash in the linked bank account is insufficient for a withdrawal. A treasury withdrawal therefore depends on the account’s funding process; the payment rail then determines when the outgoing transfer can settle.[2]

Jiko’s Treasury risk disclosure adds the investment consequence: selling before maturity exposes the holder to market prices, and rising interest rates can reduce a bill’s value. Reinvestment at a lower rate also reduces future yield. Automated rolling and withdrawal access do not remove those price and reinvestment exposures.[3]

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